Reflecting transfer pricing adjustments in customs import values – compliance update

With Australian Border Force seemingly foreshadowing increased compliance activity in this area, companies should consider potential exposure and, if necessary, seek advice and consider risk mitigation strategies, as detailed by Kristie Schubert, Sophie Lewis and Leonie Ferretter.

The Australian Border Force (ABF) conducts compliance activities to ensure that applicable customs duties and indirect tax liabilities are collected on imported goods and to ensure the accuracy of reporting to Government.

The ABF publishes a quarterly newsletter on its national goods compliance program and the application of trade and customs laws.

Source KPMG